(Ben Margot/AP File)

Colin Kaepernick reported for the start of the San Francisco 49ers’ offseason workout program Monday, but don’t read too much into that.

He has 400,000 reasons for continuing to appear at the team’s facility as he, the team and the Denver Broncos attempt to decide which team he’ll be quarterbacking this season. Kaepernick, who has continued to rehab in Colorado after having three surgeries to his shoulder and knee, can earn $400,000 if he takes part in 90 percent of offseason sessions that begin Monday, the Sacramento Bee’s Matt Barrows reports. It isn’t clear how much work he’ll be able to do, but teams with new head coaches, such as the 49ers, are given extra time during the offseason. That means players at least can work on strength and conditioning until they are allowed to have organized sessions with coaches April 18.

Kaepernick asked for permission to seek a trade in February and twice has met with John Elway, the Broncos’ general manager and vice-president of football operations. Although the 49ers are believed to be open to a trade, the sticking point has been whether Kaepernick, whose $11.9 million base salary became guaranteed last week, will agree to a salary cut in order to get out of San Francisco. The Broncos want him to restructure his deal or take a pay cut because they have only $1.62 million in salary-cap space. Kaepernick’s hit for 2016 is $15.9 million.

If that wrinkle can be smoothed out, compensation between the teams is not believed to be complicated, with ESPN reporting that a mid-round pick of some type in the NFL draft would go from the Broncos to the 49ers. Sources from both teams told Adam Schefter that compensation could be finalized “with one phone call.”

Until then, Kaepernick has plenty of reasons to work out with the Niners.